Brussels, 19/03/2001 (Agence Europe) - On Monday, the Union Council formally approved the conclusion of a trade and cooperation framework-agreement with the Republic of South Korea, thereby closing the laborious ratification process launched in 1996. Of an initial five-year duration, then tacitly extendible, this agreement, based on the respect of human rights and democratic principles, mainly aims to develop trade, establish economic and commercial cooperation (including in the areas of science, technology and industry) and facilitate investments.
In the context of this agreement, the full text of which will be published in a forthcoming issue of the Official Journal, the Union and South Korea undertake, notably, to: - establish a political dialogue involving regular meetings at different levels; - respect human rights and democratic principles as defined in the Universal Declaration of Human Rights; - cooperate in favour of the opening up of the international market for shipping and strictly implement the OECD Agreement on shipbuilding (of which both sides as signatories), including its provisions aimed at abolishing State aid to the sector; - regarding trade cooperation, improve respective market access (through a most favoured nation clause), among others, in the telecommunications and the financial service sectors, and try to eliminate obstacles to trade; - ensure effective and adequate protection of intellectual, industrial and commercial property, and set up effective legal instruments to enable holders to have their rights respected, notably by applying the multilateral agreement on the commercial aspects of intellectual property (ADPIC); - promote the use of international certification standards and systems and ensure that these technical regulations do not unnecessarily impede trade flows; - intensify police and legal consultations and cooperation regarding drug trafficking, money laundering, combating counterfeiting, etc…